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 If you have a small business, you may not have the funds or even the need for a full time book keeper or accountant, yet still want to streamline your transactions and keep track of where your business is headed.
There are financial software packages designed specifically for small businesses, sole traders, and service companies who want to manage their business quickly and efficiently.
The types of feature you can find can assist you to:
· Manage your suppliers and customers – if you can see at a glance where your supplies have come from, the relative prices and delivery times, it makes it much easier to decide which companies to deal with in the future. Similarly, you can keep track of previous purchases by various customers including any outstanding accounts. This will help to predict what stock you may need to have on hand.
· Record incomings and outgoings, and balance and check cleared funds – this will help you to keep the cash flow moving and avoid penalty interest payments. You can also schedule payments and expenditure, and allocate account transactions to make sure various accounts remain in the black.
· Calculate tax and VAT – with a programme to work out your tax liabilities ahead of time, you will be able to budget for yearly or quarterly tax payments.
· Import and export records from online banks and other sources, and generate reports on the different aspects of your business.
· Calculate Loan and Mortgage repayments
· Keep track stock rates and currency, if your trade is international.
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